The AI trade is on, it’s off. I feel like I’m leaving in two realities. One where the plane is flying along and as soon as the AI Capex cycle hits a speed bump, the plane lurches into stall speed. The other one, completely divorced from the Capex cycle is entirely dependent on stock market levitation and the wealth effect. It’s interest rates not AI. Of course there is a wealth gap chasm in between- and most of us live there.
The change is coming. The current low VIX is just the quiet before the cannon fire. Be ready to trade the chaos, not be consumed by it.
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Name: David Blair Kirk
Position: Director
Transaction Date: 12-17-2025 Shares Bought: 1,936 shares an Average Price Paid of $258.64 for Cost: $500,722
Company: Salesforce Inc. (CRM)
Salesforce, Inc. is a global provider of customer relationship management technology that enables businesses to engage with customers worldwide. The company provides a wide range of solutions, including Agentforce, Data Cloud, and Industry AI. Its other products include Salesforce Starter for small and medium-sized enterprises, Slack for workplace communication and productivity, and Tableau for end-to-end enterprise analytics across devices. Salesforce also provides integration, analytics, marketing, commerce, and job management solutions, as well as the Agentforce Command Center for managing and scaling AI agent activities. The company has a strategic agreement with Google, combining Agentforce 360 with Google Workspace. Salesforce was founded in 1999 and has its headquarters in San Francisco, California.
David B. Kirk has served as a Director of Salesforce, Inc. since July 2025. He is an independent consultant, investor, philanthropist, and advisor, and he serves on several nonprofit boards focused on advancing computer science education, parallel programming, and artificial intelligence. Dr. Kirk previously held senior leadership roles at NVIDIA, including Chief Scientist and Vice President of Architecture, and is the holder of nearly 100 patents across computer graphics, parallel computing, and AI related technologies. His professional recognitions include the ACM SIGGRAPH Computer Graphics Achievement Award in 2002, election to the National Academy of Engineering in 2006, and the Distinguished Alumni Award from the California Institute of Technology in 2009. Dr. Kirk earned a PhD and MS in Computer Science from Caltech, as well as a BS and MS in Mechanical Engineering from the Massachusetts Institute of Technology.
Insomniac Hedge Fund Guy Opinion: Salesforce is a durable enterprise SaaS titan with a sticky recurring revenue base, a moat built on ecosystem scale and unrivaled CRM penetration. Its strategic pivot into AI and agentic automation — highlighted by Agentforce & Data Cloud — fuels headline ARR growth but remains execution-dependent. The market’s dour reception reflects skepticism about whether AI adoption will translate into durable, high-margin revenue and whether Salesforce can defend growth against broader, better-capitalized software competitors. The valuation gap to a conservative DCF hinges on long-term growth deceleration risk and the premium priced into AI narratives. CRM is a quality software franchise transitioning to a next-gen AI play, but investors must demand proof of monetization, margin expansion, and retention durability before assuming a durable re-rating. Not financial advice — just one veteran market hawk’s take.
Name: James P. Gorman
Position: Director
Transaction Date: 12-12-2025 Shares Bought: 18,000 shares an Average Price Paid of $111.89 for Cost: $2,013,943
Company: Walt Disney Co. (DIS)
The Walt Disney Company is a multinational entertainment company that operates in the Americas, Europe, and Asia-Pacific. Its business is divided into three main segments: entertainment, sports, and experiences. Disney produces and distributes film and television content under many networks and brands, including ABC, Disney, Freeform, FX, Fox, National Geographic, and Star, as well as ABC-owned stations and A+E networks. It also creates unique material for well-known studios such as Pixar, Marvel, Lucasfilm, Walt Disney Pictures, and Twentieth Century Studios. In addition, Disney owns and operates iconic theme parks, resorts, cruise lines, and holiday experiences worldwide. Founded in 1923, the corporation is based in Burbank, California.
James P. Gorman is the former Executive Chairman of Morgan Stanley, having previously served as CEO from 2010 to 2023 and Chairman from 2012 to 2023. He formerly served as a Director of the Federal Reserve Bank of New York, President of the Federal Advisory Council to the United States Federal Reserve Board, and Co-Chairman of the Metropolitan Museum of Art’s Business Committee. Mr. Gorman has been a director of the company since 2024 and was chosen Chairman of the Board on January 2, 2025. He was born in Australia and obtained his BA and law degrees from the University of Melbourne, as well as an MBA from Columbia University.
Insomniac Hedge Fund Guy Opinion: Disney is a classic media & IP superpower with a moat few rivals can match. Its pivot to profitable streaming, disciplined parks monetization, and strategic AI licensing are positive secular shifts. But the valuation discounts only modest growth and still faces execution risk in content investment and linear TV erosion. At mid-$100s DCF implied value, the stock isn’t screaming cheap, but insider buying and low short interest suggest institutional confidence in the long arc. Disney remains a “safe moat with execution nuance” — not a runaway growth king, but a durable cash generator with optionality. Not financial advice — just how the numbers look through an insomniac markets lens.
Name: Albert G. White III
Position: President & CEO
Transaction Date: 12-16-2025 Shares Bought: 10,000 shares an Average Price Paid of $80.80 for Cost: $808,000
Name: Holly R. Sheffield
Position: President, CSI
Transaction Date: 12-16-2025 Shares Bought: 1,230 shares an Average Price Paid of $80.75 for Cost: $99,323
Company: Cooper Companies Inc. (COO)
The Cooper Companies, Inc. and its subsidiaries design, produce, and market contact lenses for wearers. CooperVision and CooperSurgical are the company’s two operating segments. CooperVision provides spherical, toric, and multifocal contact lenses to treat visual issues such as astigmatism, presbyopia, and myopia. CooperSurgical specializes in family and women’s health care, offering reproductive products and services, medical devices, and contraception, as well as cryostorage options such as cord blood and cord tissue storage. The company’s products are sold to distributors, group purchasing groups, and eye care and health care professionals such as independent practices, corporate retailers, hospitals and clinics, and authorized resellers. The Cooper Companies, Inc. was founded in 1958 and is based in San Ramon, California.
Albert G. White III is the president and Chief Executive Officer of The Cooper Companies, Inc., a role he has held since May 1, 2018, when he succeeded the prior CEO and joined the board of directors. He first joined CooperCompanies in April 2006 as Vice President and Treasurer and advanced through several senior finance and strategy roles, including Vice President of Investor Relations, Executive Vice President and Chief Strategy Officer, and Chief Financial Officer, before becoming CEO. Under his leadership, the company has focused on expanding its global medical device businesses in vision care and women’s health. Mr. White holds a Bachelor of Science in Finance and an MBA from Virginia Tech.
Holly R. Sheffield is the President of CooperSurgical, Inc. at Cooper Companies Inc, and she has served in that role since July 2020, after joining CooperCompanies in June 2018 as Executive Vice President and Chief Strategy Officer. She brings more than two decades of experience from investment banking, where she was Managing Director and Global Head of Medical Technology at UBS Securities and held senior roles at Credit Suisse and Donaldson, Lufkin & Jenrette. Sheffield oversees CooperSurgical’s women’s healthcare business and contributes to the company’s strategic direction. She earned her Bachelor of Science from Cornell University and an MBA from Columbia Business School.
Insomniac Hedge Fund Guy Opinion: COO is a solid medical-device compounder with strategic breadth but lacks the recurring predictability of pure subscription franchises. Management’s insider buying during price weakness signals conviction, yet growth is measured and tied to cyclical elective care trends. Valuation via DCF hints at upside, but current multiples don’t leave a huge margin of safety unless execution on surgical integration and new lens innovations accelerates. Not a nail-in-the-coffin sell, but a valuation-watch zone for disciplined allocators — priced for decent but not breakneck expansion. Not financial advice — just one veteran market wizard’s lens on COO.
Name: Jeffrey N. Simmons
Position: President, CEO, and Director
Transaction Date: 12-11-2025 Shares Bought: 22,000 shares an Average Price Paid of $21.75 for Cost: $478,496
Name: Lawrence Erik Kurzius
Position: Director
Transaction Date: 12-12-2025 Shares Bought: 10,000 shares an Average Price Paid of $21.30 for Cost: $213,000
Company: Elanco Animal Health Inc. (ELAN)
Elanco Animal Health Incorporated is an animal health firm that creates, develops, manufactures, and promotes products for pets and farm animals throughout the world. It provides pet health products such as parasiticides, vaccines, and therapeutics that protect pets from fleas, ticks, and internal parasites under the Seresto and Advocate trademarks; prescription parasiticide products and over-the-counter treatments for the prevention and elimination of fleas and ticks under the Credelio, Credelio Cat, Credelio Plus, Interceptor Plus, Doncit, and Drontal trademarks; and osteoarthritis for dogs and cats under the Galliprant trademark. It sells its goods through third-party distributors and independent merchants, as well as directly to farm animal farmers and veterinarians. Elanco Animal Health Incorporated was formed in 1954 and is based in Greenfield, Indiana.
Jeff Simmons has served as President and Chief Executive Officer of Elanco Animal Health since 2018. Under his leadership, Elanco operates as an independent global animal health company with a broad reach across approximately 19 animal species in nearly 100 countries. The Elanco team has developed a distinctive innovation platform guided by a purpose centered on food and companionship to enrich life.Elanco’s Pet Health business focuses on developing effective treatments and therapeutic solutions for veterinarians, helping pets live longer, healthier, and more active lives. In addition, the company is a leader in livestock sustainability, delivering products and solutions designed to reduce environmental impact and support climate change mitigation. Mr. Simmons holds a bachelor’s degree in marketing and agricultural economics from Cornell University.
Lawrence E. Kurzius serves as a director of Elanco Animal Health Inc. and has been on Elanco’s board since September 2018, bringing extensive leadership experience to the company’s governance. He was named Chairman of the Board following the company’s 2024 Annual Meeting of Shareholders, reflecting his long tenure and strategic role on the board. Kurzius is a seasoned executive with a history of leading global businesses, including serving as Chief Executive Officer and President of McCormick & Company and earlier roles in senior marketing and management at companies such as Zatarain’s, Quaker Oats, and Mars Inc. He earned his bachelor’s degree in economics from Princeton University, graduating magna cum laude, which helped form the foundation for his leadership in major consumer and corporate governance roles.
Insomniac Hedge Fund Guy Opinion: Elanco is the classic comeback story with a muddied past. Innovation and operational discipline are turning the ship — insider buys reflect a hard-nosed belief that current multiples understate value if execution holds. But this isn’t a clean, high-margin growth story like Zoetis; it’s deep value with execution risk. The stock price may have ripped year-to-date, but the DCF and margin reality suggest caution and conviction only at lower bands, not aggressive chase. Execution is everything here. Not financial advice — just crimson-inked reality.
Name: Mark S. Peek
Position: Director
Transaction Date: 12-16-2025 Shares Bought: 40,000 shares an Average Price Paid of $14.89 for Cost: $595,600
Company: SentinelOne Inc. (S)
SentinelOne, Inc., founded in 2013 and headquartered in Mountain View, California, is a global cybersecurity company operating across the United States and international markets. The company delivers AI-driven security solutions through its Singularity Platform, which provides autonomous threat prevention, detection, and response across endpoints, cloud workloads, and identities. SentinelOne’s offerings also include generative AI security agents, security information and event management, endpoint protection, cloud and identity security, exposure and vulnerability management, and advanced threat protection. In addition, the company has entered into a strategic partnership with Schwarz Digits KG to develop a sovereign, AI-powered cybersecurity platform. SentinelOne was formerly known as Sentinel Labs, Inc. before rebranding in March 2021.
Mark S. Peek has served as a Director of SentinelOne, Inc. since May 2021. He joined Workday, Inc. as an Executive Vice President in November 2022, following his role as Executive Vice President and Managing Director of Workday Ventures. Previously, he served as Workday’s Co President and Chief Financial Officer. Mr. Peek has also held senior leadership roles as President and Chief Financial Officer of VMware, Inc., and as Senior Vice President and Chief Accounting Officer at Amazon.com, Inc. He serves on the advisory board of the Foster School of Business at the University of Washington and is a director at Trimble Inc. Mr. Peek earned a Bachelor of Science in Accounting and Finance from Minnesota State University.
Insomniac Hedge Fund Guy Opinion: SentinelOne is a genuine emerging player in AI-based cybersecurity with sticky recurring revenue and improving profitability metrics. Its Singularity platform and channel-led go-to-market generate solid ARR growth, but weakening guidance and competitive pressure expose execution risk. The stock’s risk/reward centers on hitting margin inflection and retention targets while expanding enterprise deals — anything less and the market will continue to price it like a high-beta, high-burn software story. At current levels, there’s potential intrinsic value if top-line growth sustains and free cash flows compound, but the lack of strong insider buying and moderate short interest reflect real skepticism around timing and competition. Not financial advice — just one market-savvy take on a battler stuck between growth promise and execution proof.
Name: Anre D. Williams
Position: Director
Transaction Date: 12-17-2025 Shares Bought: 100,000 shares an Average Price Paid of $12.72 for Cost: $1,272,480
Company: Navan Inc. (NAVN)
Navan, Inc. is an AI powered software platform that simplifies the travel and expenditure experience for users, consumers, and suppliers. The company provides AI powered travel, payment, and expenditure management systems that automate the entire trip lifecycle, from booking and policy enforcement to payment processing, expense reconciliation, and reporting. It serves finance, human resources, travel management, procurement, and other industries. Formerly known as TripActions, Inc., the company changed its name to Navan, Inc. in February 2023. Navan, Inc. was founded in 2015 and is headquartered in Palo Alto, California.
Anré D. Williams was appointed as a Director of Navan Inc. effective August 13, 2025, joining the company’s board to support its strategic growth and innovation in business travel and expense management. He brings more than three decades of leadership experience from the financial services and travel sectors, having most recently served as Chief Executive Officer of American Express National Bank and Group President of Enterprise Services at American Express, and is currently a Senior Executive Advisor at American Express. Williams previously served as an independent director at Illinois Tool Works Inc. from 2010 to 2023 and at Ryerson Holding Corp. from 2004 to 2007. He holds a Bachelor of Science from Stanford University and an MBA in Marketing from the Wharton School at the University of Pennsylvania.
Insomniac Hedge Fund Guy Opinion: Navan’s vision — an AI-first, fully integrated business travel and expense stack — checks the right boxes for modern CFOs tired of patchwork tools. But a compelling tech play doesn’t automatically translate into a fortress moat. Navan’s moat is better UX and integration, not pricing power or lock-in the way subscription-heavy SaaS might enjoy. Its growth is real, net retention >100% is healthy, and the IPO liquidity event coupled with VC buys shows conviction. Yet the valuation at IPO — still above conservative DCF — leaves limited margin of safety for deep value hunters, particularly given persistent unprofitability and execution risks (CFO turnover, competitive heat). The insider selling around the IPO is classic lockup stuff, but the post-IPO VC buys are the real tape signal: institutional holders are willing to double down. NAVN is a growth play priced like one, but don’t buy it thinking you’re getting a buried value name — this one needs execution, not hope. Not financial advice — always do your own research.
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This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results.
“The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.
The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions. Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so.
This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill. The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole.
I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investor, think Warren Buffett and others. Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. It is largely done now by my AI. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
You can be an insider, too– by clicking here
Prosperous Trading,
